February 9 (Renewables Now) - US solar developer Cypress Creek Renewables has obtained USD 46.5 million (EUR 38m) in financing for the construction of six solar parks in North Carolina totalling 29.9 MW.
The construction-only facility was arranged on behalf of Cypress Creek by the commercial finance division of US financial holding company CIT Group Inc (NYSE:CIT), the latter said in a press statement on Wednesday.
The six photovoltaic (PV) schemes that will benefit from the financing will have capacities of between 4.5 MW and 5 MW. To be located in North Carolina’s Randolph, Gaston, Alamance, Jones, Pamlico and Rowan counties, the plants will be selling their output under 10 and 15 year power purchase agreements with unnamed utilities.
“This agreement accelerates our mission to put as much solar in the ground as soon as possible,” said Matt McGovern, Cypress Creek Renewables CEO.
At the end of November 2017, Cypress Creek officially opened a 9-MW solar installation in Maryland’s Frederick County, the first facility installed under the state's legislation supporting pollinator-friendly solar sites.
(USD 1.0 = EUR 0.817)